MDEC to introduce IDE framework by Q1 2018

KUCHING: Malaysia Digital Economy Corp Sdn Bhd (MDEC) is set to introduce a comprehensive Islamic Digital Economy (IDE) framework by the first quarter of next year.

Chief executive officer Datuk Yasmin Mahmood said the new framework will boost the halal market and help Malaysia become a leader in the global Islamic digital marketplace.

She said the IDE framework would be developed in collaboration with Jabatan Kemajuan Islam Malaysia and Hall Amanie Sdn Bhd following their tripartite agreement that was exchanged at the World Islamic Economic Forum (WIEF) yesterday.

“At present, there are a lot of start-ups coming in to develop products and solutions specifically for the Islamic market, with opportunities currently valued at some US$3 trillion (RM12.5 trillion).

“We hope to attract many more startups from all over the world to come here and develop solutions to serve the global market,” said Yasmin on the sidelines of the 13th WIEF, here yesterday.

The IDE framework will include halal and syariah-compliant framework, funding and financing framework, IDE regulation

We hope to attract many more startups from all over the world to come here and develop solutions to serve the global market.

DATUK YASMIN MAHMOOD Chief executive officer, Malaysia Digital Economy Corp Sdn Bhd

framework and halal business operation framework.

For example, under the framework, Yasmin said MDEC would look into having syariah-compliant venture capital funding, which will be an alternative to the conventional venture capital funding.